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The Money of The Upstarts – The BRICS countries want to create their own currency to end the hegemony of the U.S. dollar. China holds a dominant position in the alliance.

“This credit crunch, triggered by the fight against inflation in Western countries, is an important factor in the huge rush to join the BRICS group. Many crisis-ridden countries, such as Argentina and Venezuela, which are currently seeking membership, are simply hoping to tap alternative sources of financing – especially from China.”

imapuppetlookaway ,

Money and Macro has an excellent video clarifying this.

www.youtube.com/watch?v=49iLl-V4xos

PipedLinkBot ,

Here is an alternative Piped link(s): piped.video/watch?v=49iLl-V4xos

Piped is a privacy-respecting open-source alternative frontend to YouTube.

I’m open-source, check me out at GitHub.

livus ,
@livus@kbin.social avatar

Yeah this is the rumour that's circulating but there haven't been any formal announcements about BRICS currency.

I think the bank is happening though.

birdcat , (edited )
@birdcat@lemmy.ml avatar

Yup, I can confirm this firsthand by quoting my South African friend:

Dude I don’t give a shit, we just want to destroy the US and then invade Europe.

Pretty based stuff huh?

bernieecclestoned ,

Fight against inflation in Western countries?

Argentina inflation rate is 116% !!!

Venezuela 404% !!!

And there is no credit crunch, it’s a liquidity crunch

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